us-nm/stat
NMSA 1978, § 7-8A-12 — Public sale of abandoned property
A.
Except as otherwise provided in this section, the administrator, within three years
after the receipt of abandoned property, shall sell it to the highest bidder at public sale
at a location in this state or by any reasonable method, which in the judgment of the
administrator affords the most favorable market for the property. The administrator may
decline the highest bid and re-offer the property for sale if the administrator considers
the bid to be insufficient. The administrator need not offer the property for sale if the
administrator considers that the probable cost of sale will exceed the proceeds of the
sale. A sale held under this section must be preceded by a single publication of notice,
at least three weeks before sale, in a newspaper of general circulation in the county in
which the property is to be sold.
B.
Securities listed on an established stock exchange must be sold at prices
prevailing on the exchange at the time of sale. Other securities may be sold over the
counter at prices prevailing at the time of sale or by any reasonable method selected by
the administrator. If securities are sold by the administrator before the expiration of
three years after their delivery to the administrator, a person making a claim under the
Uniform Unclaimed Property Act (1995) before the end of the three-year period is
entitled to the proceeds of the sale of the securities or the market value of the securities
at the time the claim is made, whichever is greater, plus dividends, interest and other
increments thereon up to the time the claim is made, less any deduction for expenses of
sale. A person making a claim under the Uniform Unclaimed Property Act (1995) after
the expiration of the three-year period is entitled to receive the securities delivered to
the administrator by the holder, if they still remain in the custody of the administrator, or
the net proceeds received from sale and is not entitled to receive any appreciation in the
value of the property occurring after delivery to the administrator except in a case of
intentional misconduct or malfeasance by the administrator.
C.
A purchaser of property at a sale conducted by the administrator pursuant to the
Uniform Unclaimed Property Act (1995) takes the property free of all claims of the
owner or previous holder and of all persons claiming through or under them. The
administrator shall execute all documents necessary to complete the transfer of
ownership.
Source: official text